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Sensex sinks over 400 points in early trade; Nifty drops below 14,500

Equity benchmark Sensex dropped over 400 points in early trade on Thursday, dragged by losses in index majors Reliance Industries, Infosys and HDFC Bank amid foreign fund outflow and a weak trend in global markets.

The 30-share BSE index was trading 404.94 points or 0.82% lower at 48,775.37, and the broader NSE Nifty declined 113.50 points or 0.78% to 14,435.90.

IndusInd Bank was the top loser in the Sensex pack, shedding around 2%, followed by Maruti, SBI, Axis Bank, Bajaj Finance, Reliance Industries, Infosys and HDFC Bank.

On the other hand, ONGC, Titan, L&T and Dr Reddy’s were among the gainers.

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‘Define unfair trade practice for e-com’

Stating that predatory pricing by e-commerce firms may lead to wiping out of competition and be detrimental to consumers in the long run, a parliamentary panel has recommended that the government should offer a more clear-cut definition of what constitutes ‘unfair’ trade practice, along with practical legal remedy to tackle the issue.

The committee, headed by Member of Parliament Partap Singh Bajwa, in its report on ‘The Consumer Protection (E-Commerce) Rules, 2020’ tabled in Parliament on Wednesday, has also recommended fixing a cap on delivery charges levied by e-commerce firms, as well as providing for penal provisions for violation of rules related to misinformation.

The committee noted that while e-commerce enterprises offer many benefits, the development of the segment has rendered consumers vulnerable to new forms of unfair trade practices, violation of privacy and issues of unattended grievances.

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